BitMine Immersion Technologies (BMNR) Stock Today: $44M Ethereum Buy, New CEO and Dividend Put the Spotlight Back on This Hyper‑Volatile Crypto Play

Key takeaways

BMNR closed Friday, November 28, 2025 at about $33.12, up roughly 4–5% on the day, with after‑hours trading nudging the price closer to $34. ^[1]
BitMine just bought another 14,618 ETH (≈$44–45 million), lifting its treasury to around 3.63 million ETH – about 3% of the entire Ethereum supply and over $10 billion in ETH value at current prices. ^[2]
A November treasury update shows total “crypto + cash + moonshots” holdings of about $11.2 billion, including ETH, BTC, cash and an equity stake in Eightco. ^[3]
BitMine reported fiscal 2025 net income of roughly $328 million and GAAP EPS of $13.39, and declared a symbolic $0.01 annual dividend, payable December 29, 2025. ^[4]
Chi Tsang has taken over as CEO, with three new independent directors added as the company accelerates its shift into an Ethereum‑focused treasury and staking platform. ^[5]
Analysts remain divided: some see large upside based on net asset value, while others flag extreme volatility, overvaluation and concentrated crypto risk. ^[6]

BMNR stock price on November 29, 2025: a big week after a brutal month

Although U.S. markets are closed today (Saturday, November 29), BitMine Immersion Technologies’ stock is very much in focus after a dramatic stretch of trading.

As of the close on Friday, November 28, 2025, BMNR:

Closed at $33.12, up 4.35% on the day
Traded between $32.03 and $35.20 in a heavy‑volume Black Friday session (about 51 million shares versus a three‑month average near 45 million) ^[7]
Carries a market capitalization around $12.7 billion
Has a 52‑week range of $3.20 to $161.00, underscoring just how violent the stock’s swings have been this year ^[8]

Despite the latest bounce, BMNR is still deep in “roller‑coaster” territory. Zacks data, published mid‑week, pegs the one‑month decline at roughly 46%, even after a more than 300% gain over the past year. ^[9]

In other words: BitMine has behaved less like a typical tech stock and more like a leveraged options trade on Ethereum.

The latest catalyst: a fresh $44 million Ethereum purchase

The main reason BMNR is back on traders’ radar is simple: BitMine just bought more ETH. A lot more.

On November 28, on‑chain trackers and market coverage picked up a single 14,618‑ETH transaction, worth roughly $44–45 million at an average price near $3,000 per ETH. The transfer was traced to a BitGo hot wallet and attributed to BitMine’s treasury desk. ^[10]

Following this latest buy:

BitMine’s total Ethereum holdings are now about 3.63 million ETH
That represents roughly 3% of all ETH in circulation
At prices around $3,000 per ETH, the ETH stack alone is worth over $10 billion ^[11]

This purchase didn’t happen in isolation. BitMine has been on an accelerated accumulation spree:

A recent company release said 69,822 ETH were acquired in the week prior to November 23, helping push the total to 3,629,701 ETH by that date. ^[12]
CoinCentral notes that earlier in the week, BitMine also executed two large buys totaling more than 50,000 ETH, all during a period when ETH itself was drifting lower. ^[13]

BitMine’s stated long‑term goal is what it calls the “Alchemy of 5%” – controlling about 5% of the Ethereum network, or close to 6 million ETH. With around 3.63 million ETH already on the balance sheet, the company has passed the halfway mark toward that target. ^[14]

For equity investors, that means BMNR now trades less like a mining or software name and more like a publicly listed Ethereum mega‑treasury.

Inside BitMine’s $11.2 billion digital‑asset balance sheet

In a November 24 treasury update, BitMine laid out the full scope of its holdings as of the evening of November 23: ^[15]

3,629,701 ETH at $2,840 per coin
192 BTC
A $38 million stake in Eightco Holdings (ORBS), described internally as a “moonshot” position
Around $800 million in unencumbered cash

That adds up to roughly $11.2 billion in what management calls “crypto + cash + moonshots.” On that basis, BitMine is frequently described as the largest corporate holder of Ethereum in the world, with a bigger ETH treasury than any traditional blue‑chip company. ^[16]

Because the ETH stack dominates the balance sheet, BMNR’s valuation is often discussed in net‑asset‑value (NAV) terms:

Recent analysis notes that, at current prices, BitMine’s equity trades at a discount to its reported crypto and cash holdings, implying a price‑to‑book ratio below 1x depending on data source. TS2 Tech+1
At the same time, other coverage warns that BitMine is sitting on multi‑billion‑dollar unrealized losses on ETH accumulated at much higher prices, creating a large “overhang” that could weigh on sentiment for a long time. TS2 Tech+1

The upshot: BMNR can look “cheap” versus its own balance sheet and still be extremely risky, because both its assets and equity are tightly tethered to the crypto cycle.

Earnings, dividend and the MAVAN staking plan

Underneath the treasury story, BitMine did post headline‑grabbing financial results for fiscal 2025.

According to its November 21 earnings release and subsequent coverage: ^[17]

Net income: about $328 million
GAAP EPS:$13.39 per share
Revenue: modest (roughly $6 million), with the bulk of earnings driven by mark‑to‑market gains and remeasurement of digital‑asset positions
Cash: roughly $800 million, as noted in the treasury update

BitMine also declared its first‑ever annual dividend:

Dividend: $0.01 per share
Record date: December 8, 2025
Ex‑dividend date: expected around early December, with payment on December 29, 2025 ^[18]

At today’s price, that works out to a token yield of around 0.03%, more symbolic than income‑generating. Management has positioned the payout as a signaling tool: BitMine wants to be seen as the first large‑cap crypto company paying a recurring dividend, not just a speculative vehicle.

More structurally important is BitMine’s move into Ethereum staking infrastructure:

The company announced plans for the “Made‑in‑America Validator Network” (MAVAN), a U.S.‑based ETH validator platform slated to launch in early 2026.
MAVAN is intended to stake a portion of BitMine’s ETH holdings, generate yield and eventually provide institutional‑grade staking services to third parties. ^[19]

Whether MAVAN materially changes the earnings profile will depend on:

How much ETH BitMine is willing to lock up
Net staking yields after fees
How quickly institutional clients adopt the platform

For now, the market still appears to value BMNR mostly as a treasury proxy rather than a cash‑flow story.

Leadership reset: Chi Tsang takes over as CEO

Another major November development: BitMine’s leadership has been reshuffled at the top.

On November 14, BitMine announced that Chi Tsang would succeed Jonathan Bates as Chief Executive Officer and join the board. At the same time, the company added three independent directors:

Robert Sechan – founder of NewEdge Capital Group and CEO of NewEdge Wealth
Olivia Howe – chief legal officer at RigUp
Jason Edgeworth – asset manager for JPD Family Holdings ^[20]

Coverage from Nasdaq, CoinDesk and other outlets highlights several themes: ^[21]

BitMine’s chairman Tom Lee framed the new team as a way to bridge traditional capital markets and the Ethereum ecosystem, reinforcing BitMine’s positioning as an institutional‑grade ETH vehicle.
Tsang, with a background in global banking and venture capital, has described BitMine as potentially becoming a “leading financial institution” built around Ethereum, drawing parallels between today’s blockchain shift and the internet/mobile boom of the 1990s.
The market’s initial reaction to the CEO switch was negative; BMNR traded lower on the day amid a broader slide in crypto assets, underscoring just how sentiment‑driven the stock remains.

The leadership change lands in the middle of BitMine’s most aggressive accumulation phase, raising the stakes for execution and governance over the next several quarters.

Tom DeMark joins the story: timing the ETH “super‑cycle”

On November 19, BitMine added another high‑profile name to its roster, announcing that it had engaged technical‑analysis veteran Tom DeMark and DeMark Analytics as strategic advisors. ^[22]

According to company statements and follow‑up reporting:

DeMark’s proprietary DeMARK Indicators and systematic models will be used to optimize the timing and execution of BitMine’s enormous ETH purchases.
BitMine characterized itself as the largest ETH buyer and holder in the world, claiming more than 2.9% of the network and stating it is acquiring “hundreds of millions” of dollars’ worth of ETH every week as it moves toward its 5% goal. ^[23]

The practical impact of this advisory deal is hard to quantify in the short run, but it reinforces a key point: BitMine is treating ETH accumulation itself as its core product.

How Wall Street and institutions currently view BMNR stock

The sell‑side and institutional crowd are anything but unanimous about BitMine.

Analyst ratings and targets

B. Riley Securities recently cut its BMNR price target from $90 to $47, while maintaining a “Buy” rating, citing the stock’s drawdown and heightened volatility but still seeing upside from current levels. ^[24]
GuruFocus data shows a consensus one‑year target around $53.50, with a range from $47 to $60, implying roughly 60% upside from Friday’s close if those forecasts prove accurate. ^[25]
Zacks, by contrast, assigns BMNR a Rank #3 (Hold) and a Value Score of “F”, arguing that the stock remains overvalued despite the recent sell‑off and that investors should avoid “buying the dip” for now. ^[26]

Different data providers also come to very different conclusions on valuation:

Investing.com currently shows a trailing P/E ratio near 2.4x, a by‑product of outsized accounting gains tied to volatile crypto markets. ^[27]
Simply Wall St, using a more normalized approach, pegs the P/E closer to 22x, noting that BMNR trades slightly richer than its direct peers but cheaper than the broader U.S. software universe. ^[28]

The gap between those numbers is a reminder that “valuation” here depends heavily on how you treat unrealized crypto gains and losses.

Institutional holders and ARK’s interest

BitMine’s shareholder base has also shifted dramatically in recent months:

Nasdaq and other sources report that around 360 funds and institutions now hold BMNR, with institutional share ownership surging to roughly 98 million shares over the past quarter. TS2 Tech+1
Prominent backers cited in BitMine’s own materials include ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital, alongside personal investment from chairman Tom Lee. ^[29]
ARK Invest has been especially watched by retail traders, with filings showing BMNR purchases across its ETFs during November as part of a broader basket of crypto‑linked equities. TS2 Tech+1

So while the stock has been punished during the latest crypto pullback, institutional interest is still very much present – and growing.

Risk profile: a leveraged Ethereum treasury, not a “value stock”

Even after the recent rebound, BMNR remains one of the wildest rides on the NYSE American:

The share price is still far below its 2025 peak near $161, and the 52‑week low of $3.20 is a stark reminder of how fast sentiment can swing. ^[30]
Over the last 30 days, BMNR is down around 45–50%, a drop that tracks the sharp sell‑off in Ethereum and the broader digital‑asset‑treasury theme. ^[31]

Recent analyses highlight several structural risks: ^[32]

Pure ETH beta, plus leverage
With more than 3.6 million ETH on the balance sheet, BMNR essentially amplifies Ethereum’s moves. When ETH drops 10%, the equity can fall far more, especially if the market compresses any premium to NAV.
Treasury discount/premium dynamics
Like a closed‑end fund or crypto trust, BMNR can trade at a premium or discount to its net assets. In bullish phases, the stock has traded above its underlying ETH value; in bearish phases, that premium can vanish or flip into a deep discount.
Unrealized loss overhang
Because much of BitMine’s ETH was acquired at higher prices, the company is carrying large unrealized losses. That encourages management to hold long term, but it also means equity holders are tied to a multi‑year recovery thesis.
Regulatory and macro uncertainty
BitMine operates at the crossroads of crypto regulation, ETF flows and interest‑rate expectations. Outflows from ETH ETFs, shifting expectations for Federal Reserve policy and broader risk‑off sentiment have all hurt BMNR in recent weeks.
Model risk in the “digital‑asset‑treasury” concept itself
Several analysts have warned that crypto treasury companies can become “Hotel California” stocks – easy to enter, hard to exit – if discounts to NAV persist and capital markets lose appetite for funding their accumulation. TS2 Tech+1

For all those reasons, BitMine is not a classic deep‑value name just because it trades below book value. It is a high‑beta, thesis‑driven bet on Ethereum and on the idea that a corporate ETH mega‑treasury will be rewarded by public markets over time.

What to watch next for BitMine Immersion Technologies stock

For investors and traders tracking BMNR after the latest $44 million ETH buy, several catalysts stand out over the coming weeks and months: PR Newswire+3TS2 Tech+3Investing.com UK+3

Ethereum price and volatility
BMNR’s chart still closely shadows ETH, which is hovering near the $3,000 level. Sustained moves above that threshold – or a decisive breakdown – are likely to dictate BMNR’s next major leg.
Further treasury disclosures
Markets will be watching whether BitMine continues buying ETH at its recent pace or moderates its accumulation after adding more than 84,000 ETH in roughly two weeks.
Details on MAVAN staking economics
Any incremental guidance on staking yields, fee structures and capital allocation could help investors understand whether BitMine can generate durable, recurring cash flows from its ETH stack.
Analyst revisions and institutional flows
Another round of price‑target changes, plus updated ETF and fund holdings (particularly from high‑profile buyers like ARK), could add fuel to the next big move up or down.
Regulatory headlines around Ethereum and staking
Because BitMine’s entire business model leans on Ethereum and staking economics, policy changes, enforcement actions or ETF rule shifts around ETH will matter disproportionately for BMNR.

Bottom line

As of November 29, 2025, BitMine Immersion Technologies has:

A multi‑billion‑dollar Ethereum war chest
A new CEO and refreshed board
A staking platform on the way
A tiny but symbolic dividend
And some of the wildest price swings of any large‑cap crypto‑linked stock

For investors, the key question isn’t just whether BMNR is “cheap” or “expensive” on standard multiples. It’s whether you want – and can tolerate – leveraged exposure to Ethereum and the experimental digital‑asset‑treasury model through a single stock.

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